According to Quartz Africa, Nigeria became the second largest market for bitcoin; the modern world, digital currency, trading over 60,215 Bitcoin valued $566 million between 2015 to 2020.
The West African nation, reportedly skyrocketed its trading volume in 2020 by 19% and was majorly attributed to the EndSars/Police Brutality protest in Nigeria which the government restricted the protesters from using local platforms in collecting funds from supporters but being that Nigeria is filled with tech-savvy youths, they were able to make a switch using Bitcoin which raised 40% of the nearly raised $400,000 in a week.
According to chart on Paxful – one of the leading peer-to-peer Bitcoin market, Nigeria has traded over 60,215 Bitcoins with a value worth more than $566 million, placing then just behind US – a feat they gained under five years since the beginning of May 2015, and in 2020 recorded its highest volume, 20,504.50 traded in 2020.
Having its rapid increase of 30%, and the highest traded volume during the lockdown due to the pandemic, as Paxful recorded a hundred and seventy percent in new registrations in Nigeria.
According to Paxful (the largest Peer-to-peer platform for Bitcoin trade with a control of 52% of the market share,) Nigerians gets a quarter of its customers base with 1.3 registered account. The fluctuation of the naira value in recent times also gave a positive impact in the acceptance of Bitcoin trade in the country just like we are seeing in Zimbabwe and other African countries.
Having recorded numerous restrictions accessing international payment platforms like PayPal, and the charge rate of local banks for international transactions which is alarming due to the instability of dollar value, Nigerians ventured into Bitcoin trading with lots of optional foreign platforms like Luno, Binance, Paxful, BuyCoins, Busha, Quidax, and many more.
However, introduction of Bitcoin trading has gone from a physical transaction to the modern transaction – which means most of its trading were done on social platforms like we have WhatsApp, Telegram, Facebook, etc.
Bitcoin recorded trades as low as $3,600 middle of this year (March) due to a drastic sell-off on the global market but increased past $20,000 for the first time ever which according to experts predicts the rise may continue in 2021.